GBP/USD analysis for August 10, 2017

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Recently, the EUR/USD has been trading sideways at the price of 1.3000. The price met our target at 1.2950 and then rejected. Anyway, according to the 30M time frame, I found a trading range between the price of 1.3015 (resistance) and the price of 1.2950 (support). Since the price is testing the resistance at the moment, my advice is to watch for potential selling opportunities. The downward targets are set at the price of 1.2950 and 1.2900. The short - term trend is about to change from bullish to bearish.

Resistance levels:

R1: 1.3035

R2: 1.3060

R3: 1.3100

Support levels:

S1: 1.2970

S2: 1.2935

S3: 1.2910

Trading recommendations for today: watch for potential selling opportunities.

The material has been provided by InstaForex Company - www.instaforex.com